How to Accept Multiple Payment Methods Online to Save Your Conversions (and Business)

The Importance of Payment Flexibility

Whether you’re operating a small startup or a large enterprise, the ability to accept multiple payment methods online can significantly enhance your customer experience and increase your conversion rates. 

Customers worldwide have diverse payment preferences, varying greatly from one region to another. For instance, while credit cards dominate in some markets, digital wallets, bank transfers, or even cash-based methods are preferred in others. Rapyd’s research indicates that credit cards only accounted for about 23% of ecommerce transactions globally, underscoring the necessity for merchants to offer a broad range of payment options. This flexibility caters to customer preferences and broadens your market reach.

Integrated Payment Solutions

To accept multiple payment methods efficiently, businesses should consider leveraging advanced payment processing services like APIs and hosted checkout pages. These technologies allow seamless integration of various payment methods into your eCommerce platform without extensive coding. Opt for a payment provider like Rapyd, which offers a hosted checkout solution that provides a secure, compliant, and user-friendly payment experience.

Your Conversion Rate Hero

One of the leading benefits of accepting multiple payment methods is increased conversion rates. Allowing customers to pay how they want removes barriers at the checkout and reduces cart abandonment rates. Additionally, offering localised payment options makes the checkout process feel more familiar and secure to customers, further enhancing their overall experience and trust in your brand.

How-to Guide 

Here is general guidance on accepting multiple payment methods online:

1. Use a payment service provider (PSP) or payment gateway that supports multiple payment methods. Many PSPs allow you to easily add various payment options to your checkout.
2. Common online payment methods to consider offering include:
   • Credit and debit cards (Visa, Mastercard, American Express, etc.)
   • Digital wallets (PayPal, Apple Pay, Google Pay, etc.)
   • Bank transfers/ACH
   • Buy now, pay later options
3. When setting up your website, integrate with a PSP that enables multiple payment methods through a single integration. This is easier than setting up individual merchant accounts for each payment type.
4. Customise your checkout page to display all the payment options you accept. This gives customers choice and improves conversion rates.
5. To simplify set-up and management, consider using a full-service payment infrastructure that handles the complexities of multiple payment methods for you.
6. Be aware of the different fee structures and settlement times associated with each payment method. Factor this into your pricing and cash flow planning.
7. Ensure your chosen solution provides robust security and fraud prevention across all payment types.

Payments Worth the Investment

Accepting multiple payment methods and investing in robust payment processing solutions allows businesses to meet and exceed customer expectations, leading to higher conversion rates. Additionally, having a payment gateway that adapts to your customer’s preferred payment methods, regardless of their location, provides a competitive edge.